David Cameron is to take on a role leading a billion dollar investment initiative between the UK and China.

The former prime minister played a key role in leading efforts to boost trade links with Beijing while he was in Downing Street and Chancellor Philip Hammond welcomed his new role during an official visit to China.

Mr Cameron will take charge of the £750 million fund to improve ports, roads and rail networks between China and its trading partners, the BBC reported.

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The private fund is supported by the British Government but will not involve any taxpayers’ money.

Its launch was announced as part of a series of deals hailed by Chancellor Philip Hammond during a trade visit to China.

A spokesman for Mr Cameron said the former prime minister’s role had been discussed with the Advisory Committee on Business Appointments (Acoba), which considers roles taken up by ex-ministers.

“David Cameron remains very proud of his work as prime minister launching the ‘Golden Era’ between the UK and China with President Xi, and strengthening the UK/China trade and investment relationship,” the spokesman said.

“In an effort to build on that work out of office, he wishes to play a role in a new UK-China bilateral investment fund that will invest in innovative and sustainable growth opportunities in both the UK and China to create jobs and further boost trade links.

“Having now received official advice from Acoba, work is continuing on establishing the fund – including holding discussions with a number of financial institutions in the UK and China. There is still a lot of work to do.”

Around £1.4 billion worth of commercial deals were announced at the UK-China economic and financial dialogue in Beijing attended by Mr Hammond.

The measures included accelerating the final preparations for the London-Shanghai “stock connect” initiatives which will mean investors in each country will be able to trade shares listed on the other’s stock exchange.

Mr Hammond said: “These successful talks are an example of global Britain at its best, demonstrating that we can work with our friends and partners across the world to support jobs, businesses and prosperity.

“This is testament to our strong and dynamic economy, and the world class talent and expertise we have to offer.

“These talks show the UK is truly open for business and we look forward to continuing the golden era of UK-China relations.”